Coles chief executive Steven Cain buys $4.6 million Brighton house

Coles Group chief executive Steven Cain has bought a prestige home in Melbourne for a near-million dollar discount on its original price guide.

The supermarket boss and his wife Claire paid $4.6 million for a house in the bayside suburb of Brighton, public records show.

The home was advertised as a grand four-bedroom residence with top quality kitchen appliances, formal lounge and dining areas, space for entertaining and a gym.

Agents for the deal were Buxton Brighton’s Stefan Whiting and Gary Yue, who would not comment when contacted by Domain.

Records show the property was listed late last year with price expectations of $5 million to $5.5 million.

It was then relisted with hopes of $4.4 million to $4.8 million, before selling in the middle of the revised range.

Asked about the purchase via a spokesman, Mr Cain said he and Claire had enjoyed living in the bayside area for the past 15 years since they moved from the UK because they liked being near the water.

Mr Cain previously ran the supermarkets and convenience arm of wholesaler Metcash and was appointed to the top job at Coles last year.

Coles is now a separately listed company after being demerged from conglomerate Wesfarmers in November.

The CEO is paid a base salary and superannuation of $2.1 million, plus a sign-on bonus of $3.9 million, and if he reaches performance hurdles, he is eligible for short-term cash incentives of up to $2.52 million and further long-term incentives in the form of shares, according to demerger documents.

Melbourne’s broader housing market has been slowing amid a regulatory clampdown on bank lending and scrutiny from last year’s financial services royal commission.

But prestige homes continue to change hands quietly, with agents reporting demand for A-grade properties with quality finishings in top locations.